The Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Sabah Monday reiterated full support for Saudi Arabia in its fight against infiltrators and calling on Iran to comply with international legitimacy. “We reiterate our condemnation and reprobation of such aggressions and hostilities,” Sheikh Sabah said at the opening ceremony of the 30th summit of the Gulf Cooperation Council (GCC) here. He said Kuwait supports Riyadh for all the procedures it takes to defend its sovereignty and security, adding that violation of Saudi security and stability poses as “an aggression on the security of all GCC countries.” “On the same base, we look forward that security and stability prevail in the brotherly Republic of Yemen,” the Kuwaiti Emir said. He said that Kuwait supports Yemen in all its efforts to boost development and prosperity, and to maintain its unity and sovereignty over its territories. Sheikh Sabah also said the GCC wanted the standoff over Iran's nuclear program resolved through dialogue, and urged Tehran to “comply with international legitimacy in order to reach a peaceful solution.” Sheikh Sabah said the energy-rich nations are determined to forge ahead with further economic achievements, including the launch of a common power grid and rail network. During the two-day gathering, GCC leaders will explore ways to boost and integrate their economies, which have suffered a knock-on effect from Dubai's debt crisis. Kuwait's Finance Minister Mustafa Al-Shamali on Sunday urged his counterparts to work together to contain the ongoing fallout from the financial crisis, although he made no explicit reference to Dubai. The economies of the GCC nations, which boast 45 percent of the world's proven oil reserves and a quarter of global gas resources, have been hit hard by the sharp drop in oil revenues after years of major cash flow. A number of key economic integration projects will be launched at the summit. The leaders are expected to officially launch a monetary union pact, approve a multi-billion-dollar railway network and commission the start of a common power grid project. Kuwait's Foreign Ministry Undersecretary Khaled Al-Jarallah, quoted by the KUNA news agency, said Monday that GCC foreign ministers had agreed on a time frame for the Gulf single currency without providing details. The agreement stipulates setting up a monetary council next year in Riyadh. This will later become a central bank which will issue the single currency. Only four of the six GCC members have signed and ratified the monetary pact. Oman withdrew because it was unable to meet the conditions and the UAE withdrew after Riyadh was selected to host the central bank. The GCC leaders are expected to commission the first phase of a $1.6-billion Gulf power grid project. The head of the power grid authority, Yussef Janahi, told a news conference the project would reduce the need for new generation capacity in GCC states next year by 5,000 megawatts. It will be completed in 2012, he said. Kuwait, Saudi Arabia, Qatar and Bahrain have all been linked to the system, he said. Kuwaiti Foreign Minister Sheikh Mohammad Al-Sabah told a foreign ministers meeting that GCC states were surrounded by “grave security developments and serious economic implications.” His Yemeni counterpart Abu Bakr Al-Kurbi secured assurances of “economic and security” support from the GCC when he delivered a letter from President Ali Abdullah Saleh to the Kuwaiti ruler.
